Banks asked to keep LC margin on essentials’ import ahead of Ramadan

The Bangladesh Bank (BB) has asked all banks to keep the letter of credit (LC) margin at a minimum level on the import of essential goods ahead of the holy month of Ramadan, based on their relationship with clients.

To this end, the central bank issued a circular on Sunday.

Banks have been asked to maintain the cash-margin rate for the import of rice, wheat, onion, pulse, edible oil, sugar, eggs, chickpeas, peas, spices, and dates based on their relationship with clients, in an effort to control commodity prices and ensure adequate supply during Ramadan.

The directive came into effect immediately and will remain in force till 31 March, 2025.